Derek Muhney, Director of Sales & Marketing for Coinsource, the world’s leading provider of bitcoin ATMs joins us in this interview to talk about the development of Coinsource’s physical bitcoin ATM kiosks while also sharing his thoughts on bitcoin and other digital currencies. Catch the snippets:
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Hi Derek, Tell us a little about the latest innovations/developments at CoinSource, we’d love to know of some of the challenges when it comes to developing a network of physical bitcoin ATM kiosks across the United States and internationally. What are some of the highlights you’d like to throw light on ever since you started working on building this network of kiosks? How has it been?
Well, Coinsource has been in business for about 5 years now, and two years ago we brought development fully in-house and designed our own operating system, as well as KYC/AML/IDV software technology. By doing so, we were able to secure our position as the world’s leader in Bitcoin ATMs and offer not only the lowest rates in the entire industry, but the lowest average price index as well. We’ve seen so many operators artificially inflate the price of Bitcoin they sell at their ATMs and we have always felt that deceptive tactics such as that are not what is going to keep a company moving in the right direction for growth, and it’s definitely not what the customer wants either. It’s been our aim to educate people about these types of practices and to provide a solution. Another very exciting development we recently announced is the launch of our exclusive, proprietary Platform as a Service model, or as we like to call it, our PaaS Model. It’s an a-la-carte B2B model we developed and designed in-house specifically for those who are looking to own their very own Bitcoin ATM network (such as ISO’s, entrepreneurs, enthusiasts, traditional ATM operators and even existing Bitcoin ATM operators who are having to rely on third-party applications to run their business and forcing them to charge extremely high rates to their customers as a result) and not having to deal with the time, development, compliance, technical and logistical infrastructure, and most importantly, the cost that is involved in creating what Coinsource has in a turnkey, whiteglove model. From exclusive national banking, armored truck services, compliance, live customer support, state-of-the-art marketing and location awareness technology, to state and federal licensing, monitoring and reporting, Coinsource is the only operator to develop a low-cost solution to anyone looking to own their very own Bitcoin ATM network – a true game changer for this ever-growing industry.
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Given the ongoing pandemic, will the need and demand for contactless payments now become a priority for both business and individual users? What are your thoughts on this?
I believe that what the current pandemic has shown the world is that consumers need more options when it comes to their financial needs and concerns, and they’re searching for new alternatives that best fit their needs, no matter the circumstances. For example, approximately one third of the global population is either unbanked or underbanked, and dealing with cash on a daily basis is simply a way of life. Something unique about Coinsource during these times is our exclusive mobile enrolment feature on our website, where our customers can create their account remotely. This drastically reduces the amount of time they have to spend in front of the Bitcoin ATMs. As a matter of fact, Coinsource has the fastest, easiest and most secure means of buying Bitcoin with cash. Our average transaction time is less than 60 seconds. What this does for those customers who prefer to buy Bitcoin with cash is enables them to do so in a quick and safe way at all of our locations across the country during a time when you wouldn’t want to spend unnecessary time in a public place.
How according to you will the effects of the pandemic impact new innovations in the fintech segment?
It’s speculative at the moment, but I think that there is going to be a large focus on how to safeguard future innovations and technologies in fintech after what we all have experienced with these unprecedented times.
What are some of your thoughts on bitcoin and other digital currencies; how do you see demand/usage for this change with time.
After learning what I have from talking with our very own customer base, traditional ATM owners, and Bitcoin ATM owners and operators, it’s very clear that Bitcoin and digital currencies are becoming more and more popular as an alternative means of managing one’s finances – be it as a store of value, an investment, or access to traditional goods and services otherwise not available to the unbanked and underbanked. It’s also been an extremely fast growing option for millennials and Gen-Z’ers who are moving away from traditional financial institutions for managing their money, as well as for baby boomers looking to diversify their retirement or trust portfolio. Bitcoin’s utility is as unique as the individuals who utilize it for their specific interests.
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How according to you will emerging tech play a key role in finance and fintech as a whole?
I think that the more options that you can provide for your customers and their financial needs, the more successful your model will be. Coinsource is certainly at the forefront of some amazing solutions for those needs.
Tag (mention/write about) the one person in the fintech industry whose answers to these questions you would love to read!
Hmmm… I’d have to say personally, I’d love to read what Jameson Lopp (@lopp) has to say about a lot of this. I’m a big fan of his and have always been impressed by what I’ve read from him.
Your favorite FinanceTech quote
The quote below certainly resonates with what Coinsource focuses on, and has always focused on: our customer. FinTech isn’t just a term that describes technological integration with Finance. It’s the fuel that’s going to decide the race and the winners in the market in the coming times.
“At the end of the day, customer-centric fin-tech solutions are going to win.” – Giles Sutherland
Would you like to share specific finance or business tips for Marketing and Sales teams struggling through this uncertain time?
I’d say — never lose focus on the evolutionary spirit of your customer and what drives them to want to do business with you.
Coinsource is the world’s Leader in Bitcoin ATMs – you can Own your own Bitcoin ATM Network with their state-of-the-art turnkey Platform as a Service!
Derek Muhney, Director of Sales & Marketing for Coinsource and has been with the company for about 4 years now. His background is in sales, marketing and relationship management, specifically in the startup and tech spheres.
